Ningbo Xianfeng New Material Co. Ltd. said its normalized net income for the fourth quarter was 2 fen per share, an increase of 59.0% from 1 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 9.7 million yuan, an increase from 4.7 million yuan in the year-earlier period.

The normalized profit margin increased to 3.2% from 2.3% in the year-earlier period.

Total revenue rose 10.7% year over year to 225.2 million yuan from 203.4 million yuan, and total operating expenses grew 10.3% on an annual basis to 209.3 million yuan from 189.7 million yuan.

Reported net income rose 70.5% from the prior-year period to 16.9 million yuan, or 4 fen per share, from 9.9 million yuan, or 3 fen per share.

For the year, the company's normalized net income totaled 4 fen per share, a decline of 16.3% from 5 fen per share in the prior year.

Normalized net income was 18.3 million yuan, a decrease of 16.3% from 21.9 million yuan in the prior year.

Full-year total revenue increased 66.0% from the prior-year period to 743.4 million yuan from 447.9 million yuan, and total operating expenses rose 74.0% on an annual basis to 708.4 million yuan from 407.1 million yuan.

The company said reported net income rose year over year to 31.8 million yuan, or 7 fen per share, in the full year, from 31.0 million yuan, or 7 fen per share.

As of March 4, US$1 was equivalent to 6.51 yuan.